If your shop is experiencing a change of ownership, you will need to transfer your Shopmonkey account to the new owner. Follow these steps to ensure a smooth transition.

1. Initiate the Ownership Transfer Process

To start the ownership transfer process, please follow these steps:

• Contact Shopmonkey Support: Reach out to our Support Team to inform us of the ownership transfer. The request will be handled by your dedicated Customer Success Manager (CSM).

• Submit Information: You’ll be asked to provide key details about the current and new owner (e.g. address, phone, email, etc.), as well as any other relevant information related to the transfer.

💡 It’s helpful to have both the old and new owner’s contact information ready for a faster process. The new owner should also be prepared to be added as an Admin in your Shopmonkey account.

2. Provide Needed Documents

To ensure that your transfer goes smoothly, please have the following documents prepared:

• SS-4 Form or 147C: The new owner will need to provide their SS-4 or 147C that was issued when the Employer Identification Number (EIN) was assigned to their business. This is required for setting up the new merchant account under the new owner's name.

• Merchant Account Information: Ensure that the new owner has their merchant account details ready. This includes information about their business bank account, which will be used for any necessary billing or payment transfers.

💡 Gathering these documents ahead of time will speed up the process and help avoid delays.

3. Informational Call with Shopmonkey's Risk Team

Once your transfer request is initiated, our Risk Team will schedule a call with both the current and new owner. During this call, we’ll cover:

• Ownership Change Details: Confirm the new owner’s information and ensure the new owner is added as an Admin in Shopmonkey.

• Merchant Account Transition: Discuss the importance of setting up a new merchant account for the new owner, and closing the old one at the appropriate time to avoid disruptions.

• Set Expectations: Set expectations and time frames

• Obtain the SS-4 or 147C: Please email to risk@shopmonkey.io

💡 Be prepared to discuss any pending disputes, refunds, or fees that the current owner may still be responsible for. We will review these in detail to ensure everything is handled properly.

4. Legal Documentation: Ownership Transfer Agreement

Before the transfer is finalized, both the old and new owners must sign an Ownership Transfer Agreement. This agreement will outline:

• Confirmation of the transfer of ownership.

• Responsibilities for handling any outstanding issues such as refunds, disputes, and liabilities.

• Capital and billing obligations for the original owner.

💡 Review the Ownership Transfer Agreement carefully before signing to ensure that all responsibilities are clearly understood and agreed upon.

5. Merchant Account Transition

To ensure there are no disruptions to your business, both the old and new owners will need to address the following:

• Old Merchant Account: The bank account linked to the old merchant account should remain open for at least 6 months to handle any final payouts or disputes.

• New Merchant Account: The new owner will need to create a new merchant account under their name and complete any necessary verification steps.

💡 Ensure we have accurate POC to connect with regarding final payouts or disputes. This will help to minimize complications after the transfer.

6. SMS & Marketing Campaign Updates

If applicable, we will update or create new SMS branding and marketing campaigns for the new owner. This includes:

• Resetting company information and business owner details.

• Creating a new SMS brand under the new owner’s name.

💡 Be prepared for temporary interruptions to SMS service while the new branding and campaign are being set up. We will keep you updated throughout this process.

7. Transfer Finalization and Timeline

Once all steps have been completed, Shopmonkey will schedule the final ownership transfer and finalize the update to your Shopmonkey account.

💡 Transfer dates should be scheduled outside of peak business hours to minimize disruptions to your operations. Work with our Risk Team to set a convenient date.

Additional Tips for a Smooth Ownership Transfer

• Stay in Contact: Keep both Shopmonkey and the other party informed throughout the process, especially regarding any potential delays or issues.

• Prepare for Change: Familiarize yourself with the new responsibilities and access settings that come with the ownership change.

• Double Check Information: Ensure that all contact and business information is accurate before submitting it, especially for the new merchant account setup.

If you have any questions or concerns about the ownership transfer process, please don’t hesitate to contact your Customer Success Manager or our Risk Team. We’re here to help make this transition as smooth as possible.